INTERNATIONAL TRADE AND DIPLOMACY Exports Driving Utah Growth Utah’s export growth is among the strongest in the nation. Since 2004, Utah’s GDP has grown over 18%.1 Much of this growth is fueled by the enormous increase in Utah’s exports. In 2004 Utah companies exported about $4.7 billion in merchandise. 2007 saw an incredible increase in trade with over $7.8 billion in exports. January 2008 was the largest export month in Utah’s history, accounting for $1.02 billion to countries throughout the world.2
2007 At a Glance Overall Merchandise Export Growth (’04-’07):
65.6%
Utah GDP Growth (’04-’07):
18.8%
Focus Country Growth (’04-’07): • China 214% • India 1,765% • Canada 9% • Mexico 83% Jobs Created (’04-’07):
20,621
Trade Delegation Visits:
36
Focus Countries Diplomatic Visits: 45 In 2005 Governor Jon Huntsman designated four countries Companies Assisted: 317 for trade missions. They are China, India, Mexico and Canada. Educational Seminars: 33 These countries represent some of the state’s strongest trade Trade Missions: 4 partners, as well as some of the fastest expanding markets in • China, Japan, Korea (Nov ’07) the world. China and India are among the fastest growing • Mexico (Jun ’07) • India (Oct ’07) economies and provide excellent opportunities for Utah com• Europe (Jun ’08) panies to grow. Canada and Mexico have proven track records of success for Utah businesses. By focusing on these key regions, ITDO was able to assist Utah industries achieve tremendous export growth. Electronics exports accounted for 45% of the growth to China, while precious metals were responsible for nearly all growth to India.3 Utah Job Creation Since 2005 exports have helped fuel Utah’s job creation, especially for small and medium-sized businesses. A total of 2,236 companies exported goods from Utah locations in 2006. Of those 1,906 (85 percent) were small and medium-sized enterprises (SMEs), with fewer than 500 employees. Export-supported jobs linked to manufacturing account for an estimated 4.1 percent of Utah’s total private-sector employment. Over one-seventh (14.8 percent) of all manufacturing workers in Utah depend on exports for their jobs.4 The Utah International Trade Office estimates that one job is created for every incremental $150,000 exported. As export figures grow, companies continue to expand and increase staff in order to manageably sustain development. Incremental Jobs Created (’04-’07): 20,621
1 2 3 4
Governor’s Office of Economic Development • Annual Report 2008
U.S. Census Bureau WISERTrade Database WISERTrade Database U.S. Department of Commerce, International Trade Administration
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